Nonprofit senior living operators looking for additional working capital loans outside of the Paycheck Protection Program and the Provider Relief Fund still have a few options available to them, according to Tommy Brewer, managing director of the specialty investment bank Ziegler.
In a webinar Thursday, Brewer said operators might consider taking a federal payroll tax deferral, which would allow the postponement of FICA taxes until Dec. 31. Many banks also are offering additional lines of credit to operators for immediate needs, he noted.
Ziegler also expects the Main Street Lending Program to be a viable relief program for some senior living providers. The Federal Reserve, however, still is working to operationalize it and only has stated that registration should be available “soon,” Brewer said.
Brewer added that Ziegler has tracked approximately 130 senior living providers that have received PPP loans, with an average loan amount of $2.4 million. The firm also reported that they had not heard of any senior living operator that had applied for a PPP loan being denied. Fully $100 billion in PPP loans still are available, and Brewer called for operators still in need to take advantage of this surplus and apply for a loan.
